There is now a serious effort underway by the usually divided Congress to find a way for the growing cannabis sector to enter the mainstream financial sector. Our newest visual memorandum updates our earlier briefing on the two legislative vehicles: the Secure and Fair Enforcement Banking Act (the SAFE Banking
Continue Reading
Legislation
Practical Law: Financial Services and the US Cannabis Sector
We recently wrote an article for Thomson Reuters’ Practical Law outlining the state of play for the financial services sector’s relationship with the U.S. cannabis sector. Our article summarizes the dilemma arising from the widening gulf between static federal prohibitions and changing state laws. We consider and reject a number…
Continue Reading
House Financial Services Committee Advances the SAFE Banking Act to the Full House
Cannabis banking legislation reached a new milestone last week. Following a markup session, the House Financial Services Committee on March 28 approved an amended SAFE Banking Act in a 45-15 vote. As our visual memorandum discussed in February, the bill offers a safe harbor and other protections for depository institutions…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—New Congress Edition
Financial services regulatory reform continues to evolve in 2019. As we observe the changing landscape, here is the New Congress Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and…
Continue Reading
EU No-Deal Contingency Planning
By John Banes, Michael Sholem & Jennifer Duffy on
On December 19, 2018 the European Commission published the legislative proposals and delegated acts (the “Package”) which it had previously outlined in its Contingency Action Plan of November 13, 2018 to prepare for a “no-deal” scenario whereby the UK exits the EU on March 29, 2019 without a…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—Post Midterm Election Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, Fintech, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform will continue to evolve in 2018 and 2019. As we observe the changing legislative landscape, here is the Post Midterm Election Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—Fall Focus Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, Fintech, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform in 2018 continues to evolve. As we leave summer behind, here is the Fall Focus edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and will…
Continue Reading
Federal Banking Agencies Relax LCR Treatment of Municipal Bonds in Line with EGRRCPA
By Luigi L. De Ghenghi & Andrew Rohrkemper on
The three Federal banking agencies jointly released an interim final rule on August 22, 2018 that amends the agencies’ respective liquidity coverage ratio (LCR) rules to treat as level 2B high-quality liquid assets (HQLAs) any municipal obligation that is both (1) “liquid and readily marketable” and (2) “investment grade.” The…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—Summer Beach Read Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform in 2018 continues to evolve. For those of you who have been thinking you might catch up over the summer lull, here is the summer beach read edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas,…
Continue Reading
Bipartisan Marijuana Bill Would Permit Banking Legal Cannabis Businesses
The banking sector should pay close attention to the recent bipartisan bill supporting marijuana legal reform (the “Strengthening the Tenth Amendment Through Entrusting States Act” or the “STATES Act”) given the increasing difficulty current law creates even for those banks that are deliberately avoiding the cannabis sector. Post mid-term elections,…
Continue Reading